Updates on stalled developments in Kentucky's largest cities
11/15/2010 07:17 PM
Louisville and Lexington both have key projects that have been frozen in time because of financing problems.
In Lexington, a downtown block is now an open field after the planned CentrePointe development proposed by developer Dudley Webb has ground to a halt. Webb has said the project’s financing was derailed when a European investor died in the fall of 2008 — the same time the economy ground to a halt. He has since scaled back the design of the mixed use project, although construction hasn’t begun.
cn|2’s Kenny Colston recently caught up with incoming Lexington Mayor Jim Gray. Gray first talked about how he hopes to work with the city council. And then he addresses the CentrePoint issue and makes it sound as if the city and its residents should have a bigger say in what comes next for it.
In Louisville, the Museum Plaza project has been stuck in the planning stages as the developers scramble to find the financing for the $465 million project.
Good news recently arrived from Washington for the uniquely-designed 62-story skyscraper. U.S. Rep. John Yarmuth recently announced that officials from the U.S. Department of Housing and Urban Development sent a letter signaling willingness to approve a $100 million loan.
That loan is contingent on $140 million in other financing to come together. The project’s developers plan to use tax increment financing, in which the city and state will divert any future gains from property, sales and other taxes in the immediate area to help pay off the construction.
When Yarmuth came in studio for Pure Politics the Friday after the election, he talked about what that means for the project coming to fruition and what the project would mean for Louisville and Kentucky.
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